The Riverhouse, a complex of apartments and a penthouse restaurant at 20 Walnut St., has changed hands.
Van Natta Asset Management, based in Seymour, Ind., is the new owner.
Todd Van Natta said his company paid $4.7 million for the property.
The purchase was made from Frank and Michelle K. Peterlin, who had owned The Riverhouse since May 2003. They could not be reached for comment Monday.
The couple acquired The Riverhouse in 2003 from CitiCapital Commercial Corp. in Irving, Texas, for $668,743, according to papers filed with the Vanderburgh County Assessor's Office.
The building was acquired by CitiCapital, the hotel's primary creditor, in December 2001 at a sheriff's sale for $1.4 million.
The Peterlins renovated the property into 85 apartments, which Van Natta said he plans to keep.
Van Natta said "fewer than 5 percent of the units are presently vacant."
He said his company had eyed the Downtown property for the past four months, drawn to it by the various development under way in the area and its riverfront location.
He said recent news the Tin Fish restaurant was leasing The Riverhouse's penthouse space for an upscale restaurant clinched the decision to buy the property.
"It closed the deal for us," Van Natta said, noting he believes the Tin Fish will help bring new business to The Riverhouse and the rest of the Downtown area.
Joseph Melluso and Roberta Hepburn are co-licensers of the new Tin Fish Downtown, which opened Thursday. Melluso, known in the restaurant industry nationwide for succeeding in locations where other restaurants failed, signed a 25-year lease for The Riverhouse space.
Though Van Natta said he finds The Riverhouse property in excellent condition, he plans to invest around $500,000 in renovations to update the decor.
He said he plans to have banquet facilities, which are on two different floors, tweaked and opened for leasing by Tin Fish clients around Dec. 1. The banquet facilities will accommodate about 327 guests, Van Natta said.
Van Natta Asset Management has properties across Indiana, including in Indianapolis, Fort Wayne, Terre Haute and Seymour.